Why You Need to Tell Your Insurance Agent About Your Home Improvement Projects
As a homeowner, you’d probably agree that making improvements to your home is one of the most fulfilling ways to improve your quality of life. Whether it’s fixing that leaky roof, upgrading to energy-efficient windows, or revamping your landscape design, these projects are all geared towards making your home a better place to live. However, did you know that undertaking significant home improvement projects can also have a considerable impact on your home insurance policy? In this post, we’ll explore the reasons why you need to inform your insurance agent about your home improvement projects.
Home Value
When you make significant home improvements, your home’s value will likely increase. Your insurance coverage is based on the value of your home, so if your home’s value increases, you’ll need to adjust your policy limits. Your Greenville insurance agent can help you determine how the renovations will affect your policy and help you make the necessary adjustments.
Here are some home improvement projects you should discuss with your agent:
- Remodeling or renovating your home.
- A project that adds square footage to your house.
- New pool.
- Adding a deck.
- Finishing your basement.
- Building a new structure (shed, garage, barn, etc.)
- Replacing your roof, windows, siding.
Liability Coverage
Home improvement projects can also impact your liability coverage. If you have workers on your property, there’s always a chance that they could sustain an injury. If this happens, your liability coverage will help cover their medical bills and other expenses. It’s essential to inform your insurance agent about any contractors, electricians, or plumbers working on the property so they can ensure their policies cover these workers.
Coverage for the New Renovations
Another reason why you need to inform your Greenville insurance agent about your home improvement projects is that your current policy may not cover new renovations. For example, if you install a swimming pool, it will need to be added to your policy to ensure it is covered under your homeowner’s insurance. It’s essential to check with your agent to see what new projects require additional coverage.
Discounts
Finally, informing your Greenville insurance agent about your home improvement projects could result in discounts on your policy. Installing a home security system or making your home more energy-efficient can lead to a reduction in your premiums. By informing your agent about these changes, you may be able to qualify for a discount on your policy.
In conclusion, home improvement projects are a great way to improve your living space, but they can also have a significant impact on your home insurance policy. By informing your insurance agent about your projects, you can ensure that your policy is up to date, your liability coverage is adequate, and you receive any available discounts. Remember, informing your insurance agent about your projects is essential because it protects you from unexpected costs and helps you maximize your insurance coverage.
Contact us today to discuss your insurance policies.
Disclaimer: This article is not expert advice.
